The Tough Money Love “Can I Afford it?” Quiz
Karen Datko over at the Smart Spending blog tipped us off to a nice summary published by the Strump of ten ways to tell if you can afford it. The Strump’s list is excellent as far as it goes but Mr. ToughMoneyLove is now inspired to administer the second part of the affordability quiz.
So here are ten Tough Money Love ways to know when you can’t afford to buy something:
2. If you worry about whether your paycheck or your rent check will win the race through your bank account, you can’t afford it.
3. If you have to pause before the purchase to consider which of your credit cards is still under the limit, you can’t afford it.
4. If you are counting on an income tax refund to balance your budget, you can’t afford it.
5. If your employer needs TARP funds to make payroll, you can’t afford it.
6. If you can’t afford health insurance, you can’t afford it.
7. If you are justifying your spending as being patriotic, you can’t afford it.
8. If you spent your Christmas bonus in November, you can’t afford it.
9. If you are a pension-less baby boomer living in fear of your 401(k) statement, you can’t afford it.
10. If you asked Santa to bring you money for Christmas, you can’t afford it.
By the way, even if you pass this quiz, before you make the purchase – check for the ten warning signs of a normal financial life.
Thanks again to Karen Datko and to the Strump for motivating me to put these key affordability tests in print. I truly hope that you can pass all of them.
Image credit: Kostya Kisleyko